First Citizens Financial Corp Buys 500 Shares of Corning Incorporated (NYSE:GLW)

First Citizens Financial Corp lifted its stake in Corning Incorporated (NYSE:GLW) by 5.0% during the 4th quarter, Holdings Channel reports. The institutional investor owned 10,517 shares of the electronics maker’s stock after purchasing an additional 500 shares during the quarter. First Citizens Financial Corp’s holdings in Corning were worth $500,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Franklin Resources Inc. raised its stake in Corning by 48.4% during the 3rd quarter. Franklin Resources Inc. now owns 191,648 shares of the electronics maker’s stock worth $8,975,000 after acquiring an additional 62,514 shares during the period. FMR LLC raised its position in shares of Corning by 52.8% during the 3rd quarter. FMR LLC now owns 3,723,044 shares of the electronics maker’s stock valued at $168,095,000 after purchasing an additional 1,285,836 shares during the period. MBB Public Markets I LLC lifted its stake in shares of Corning by 806.7% during the 2nd quarter. MBB Public Markets I LLC now owns 64,965 shares of the electronics maker’s stock valued at $2,524,000 after buying an additional 57,800 shares in the last quarter. Transamerica Financial Advisors Inc. increased its stake in Corning by 529.6% in the 3rd quarter. Transamerica Financial Advisors Inc. now owns 16,533 shares of the electronics maker’s stock worth $747,000 after buying an additional 13,907 shares in the last quarter. Finally, Dark Forest Capital Management LP bought a new stake in Corning during the second quarter valued at about $511,000. 69.80% of the stock is owned by hedge funds and other institutional investors.

Corning Trading Up 1.1 %

Shares of NYSE:GLW traded up $0.53 during trading on Friday, hitting $47.24. The company had a trading volume of 1,125,687 shares, compared to its average volume of 3,027,058. The stock has a market cap of $40.45 billion, a price-to-earnings ratio of 277.88, a price-to-earnings-growth ratio of 1.54 and a beta of 1.03. The company has a debt-to-equity ratio of 0.62, a current ratio of 1.66 and a quick ratio of 1.05. The company has a fifty day simple moving average of $47.91 and a two-hundred day simple moving average of $44.37. Corning Incorporated has a one year low of $29.71 and a one year high of $51.03.

Corning (NYSE:GLW) last posted its quarterly earnings data on Tuesday, October 29th. The electronics maker reported $0.54 EPS for the quarter, topping the consensus estimate of $0.53 by $0.01. Corning had a net margin of 1.24% and a return on equity of 13.45%. The company had revenue of $3.39 billion during the quarter, compared to analyst estimates of $3.72 billion. During the same period in the previous year, the firm earned $0.45 earnings per share. Corning’s quarterly revenue was up 6.9% compared to the same quarter last year. As a group, equities analysts forecast that Corning Incorporated will post 1.95 earnings per share for the current year.

Insider Buying and Selling

In related news, SVP John P. Bayne, Jr. sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 22nd. The stock was sold at an average price of $48.39, for a total value of $241,950.00. Following the completion of the sale, the senior vice president now owns 6,700 shares in the company, valued at approximately $324,213. The trade was a 42.74 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP John P. Bayne, Jr. sold 8,876 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $49.09, for a total value of $435,722.84. The disclosure for this sale can be found here. 0.45% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on GLW shares. Morgan Stanley upped their price objective on Corning from $39.00 to $48.00 and gave the stock an “equal weight” rating in a research note on Tuesday, December 17th. Bank of America increased their price objective on shares of Corning from $46.00 to $51.00 and gave the company a “buy” rating in a report on Friday, September 20th. StockNews.com raised shares of Corning from a “hold” rating to a “buy” rating in a report on Tuesday, December 24th. Barclays raised their target price on shares of Corning from $40.00 to $53.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 29th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Corning from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $50.77.

Corning Company Profile

Corning Incorporated engages in the display technologies, optical communications, environmental technologies, specialty materials, and life sciences businesses in the United States and internationally. The company's Display Technologies segment offers glass substrates for flat panel displays, including liquid crystal displays and organic light-emitting diodes that are used in televisions, notebook computers, desktop monitors, tablets, and handheld devices.